Remember ...

As Sir John Templeton famously said; "Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on Euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell." These words are as true today as they were when they were first said. I don't see very much optimism regarding the economy or the market, I see mostly pessimism. The University of Michigan Consumer Sentiment, while improving, is still below its historical average. We're a far cry from anything closely resembling euphoria regarding stocks.